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In December, Indonesia's NPI metal content increased by approximately 7.33% MoM. In January, the metal content is expected to rise by about 0.83% MoM [SMM Analysis].
Jan 02, 2025, at 9:04 am
[SMM Analysis: Indonesia's NPI Metal Content Rose by Approximately 7.33% MoM in December; January Metal Content Expected to Rise by 0.83% MoM]
Indonesia's NPI production in December 2024 increased by 7.33% MoM and 10.71% YoY. The cumulative YoY growth for 2024 was 7.3%...
SMM, January 2 - In December 2024, Indonesia's NPI production increased by 7.33% MoM and 10.71% YoY. The cumulative YoY growth for 2024 was 7.3%. In December, after the addition of new RKABs, mines in Indonesia began to ramp up production, and mainstream smelters maintained relatively sufficient nickel ore inventory. On Obi Island, new production lines started operation in December, contributing to an increase in overall metal content on the island. In Morowali, December production saw a slight decline, while in Weda Bay, new production lines reached full production, and some high-grade nickel matte production lines switched to producing high-grade NPI driven by stronger demand, resulting in additional output. Weda Bay's December production showed significant growth. Overall, Indonesia's high-grade NPI production in December increased notably, with some newly commissioned production lines reaching or exceeding full production, continuing the trend of supply expansion.
In January 2025, mainstream smelters in major production areas are expected to have over two months of raw material inventory. Additionally, current demand for high-grade nickel matte remains weak, and profitability is poor, sustaining the drive to switch to high-grade NPI production. With the trend of switching to high-grade NPI unchanged, coupled with a slight production increase in Morowali in January, Indonesia's high-grade NPI production is expected to rise by 0.83% MoM and 17.79% YoY in January.
